Neurocrine Biosciences, Inc. Says CEO to Step Down
SAN DIEGO, Jan. 14 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. announced today that Kevin Gorman, Ph.D., Neurocrine's Chief Operating Officer has been appointed President and Chief Executive Officer and a member of the Board of Directors of Neurocrine Biosciences. Gary Lyons will step down as President and Chief Executive Officer of Neurocrine and will continue to serve as a member of the Board of Directors.
"While this was a very difficult decision for me, I believe the time is right for a change in leadership of Neurocrine. With three Phase II products, $180 million in cash and an extremely talented and experienced management team and dedicated staff, Neurocrine is well positioned to emerge as one of the leading biotechnology companies under Kevin's leadership," said Gary Lyons.
"The Board is indebted to Gary for his dedication and service over the past 14 years and we are grateful that he will continue to share his knowledge and expertise as a Board member as he transitions his responsibilities to Kevin," said Joe Mollica, Chairman of the Board. "Dr. Gorman has been an integral part of Neurocrine since its founding and has played key roles in the company's success over the years. We look forward to working with Kevin in his new leadership capacity in setting the strategy and direction of the company going forward."
Dr. Gorman, 50, was appointed Chief Operating Officer in September 2006 after having served as Executive Vice President and Chief Business Officer of Neurocrine Biosciences. In this position Dr. Gorman was responsible for R&D, Business Development and Commercial operations. Before joining Neurocrine in 1993, Dr. Gorman was a principal of Avalon Medical Partners, L.P. where he was responsible for the early stage founding of Neurocrine and several other biotechnology companies such as Onyx Pharmaceuticals, Metra Biosystems, IDUN and ARIAD Pharmaceuticals. Dr. Gorman received his Ph.D. in Immunology from the University of California, Los Angeles and did further post-doctoral training at The Rockefeller University. Dr. Gorman also received his M.B.A. in Finance from the Anderson Graduate School of Management.
Neurocrine Biosciences, Inc. is a product-based biopharmaceutical company focused on neurological and endocrine diseases and disorders. The product candidates address some of the largest pharmaceutical markets in the world including insomnia, anxiety, depression, endometriosis, irritable bowel syndrome, pain, and diabetes. Neurocrine Biosciences, Inc. news releases are available through the Company's website via the Internet at http://www.neurocrine.com.
In addition to historical facts, this press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements and the other risks described in Neurocrine's annual report on Form 10-K for the year ended December 31, 2006 and quarterly report on Form 10-Q for the quarter ended September 30, 2007. Neurocrine undertakes no obligation to update the statements contained in this press release after the date hereof.
CONTACT: Claudia Woodworth of Neurocrine Biosciences, +1-858-617-7600
Web site: http://www.neurocrine.com/